Is the fact that my solicitor in Canonbury is not listed on my lender's conveyancing panel that there is a problem with the standard of his work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Canonbury conveyancing practice and enquire why they are no longer on the approved list for your lender.
We were just about to exchange contracts for a leasehold flat in Canonbury. We have hit a problem. The mortgage offer with Yorkshire Building Society runs out on 2/9/2020 but the owners are putting forward a completion date of 4/9/2020. Is it possible to extend the loan offer?
The best person to deal with your issue is your lawyer who will assess whether they better off negotiating with the mortgage company, owner’s solicitors, property agents or indeed all three given what has gone on in your house move to date.
When looking at online forums for a cheap solicitor in Canonbury, many advise that I should instruct a CQS kitemarked solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Canonbury is one of the many areas in England and Wales where there are Accredited lawyers.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Canonbury is where the house is located. Can you shed any light on this issue?
Flying freeholds in Canonbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Canonbury you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canonbury may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have been recommended by a number of property agents in Canonbury to select a property lawyer using your seach tool. Is there a financial upside for Estate Agents to offer your services ahead of alternative conveyancing organisations?
We refuse to give any commission for directing people our way. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am employed by a long established estate agency in Canonbury where we see a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Canonbury conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Canonbury. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension case for a Canonbury premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The unexpired term as at the valuation date was 80.5 years.